Pension Insurance Corporation (PIC) has concluded a pension insurance buy-in with the trustees of the Institute of Cancer Research (ICR) Pension Scheme covering £30m of liabilities.
Prior to this deal, the ICR Pension Scheme faced significant financial liabilities, due to staff living longer and drawing their pensions over a longer period of time. Punter Southall and Towers Watson acted as advisors as part of the deal.
PIC senior actuary Matt Barnes said: “We are proud to have been able to help the ICR conclude this transaction, which they viewed purely as an investment decision: trading gilts for a bulk annuity policy. Given the current value of gilts, a buy-in will typically not result in a significant additional contribution cost for the sponsor. A large number of schemes are currently looking at the gilts-for-annuities trade.”
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